Banking in the Middle East for UK Expat, property in UK

[jinkster]

I am looking at moving out to Dubai with work and have property in the UK. Would you recommend keeping UK bank account (currently Barclays). Setting up a local account (who?) and also opening an offshore account (outside Middle East).

Do offshore accounts offer Offset mortgages to pay property back in the UK? I will be sending about £3k/month to a offshore savings account.

I will also be renting current property in the UK.

Thanks.

[Psychobert]

Arriving in Dubai this weekend, so I'm hardly experienced in these matters, but I bank with First Direct and their premier service enabled me to more easily open accounts through HSBC, although as you can tell from the credit card thread, it's not an easy process even that way. I think that without a residence visa you can't have a current account or chequebook - massively useful in Dubai for rent etc. I have been able to set up a savings account which I thought might make the current account easier. I'm told after a couple of hours in HSBC in London, apparently not though.

I have also setup a sterling account in Jersey which I can access in the UK with a cash card without penalty. Theory is when coming back here on a visit I'll transfer what I'll need into that and take cash as I need it..

[tamago]

Yes, definitely recommend keeping your UK accounts especially if renting out your place (pay service charge etc). All the banks are pretty similar here. I opened with HSBC when I was here as my employer banked with them. Could not wait to leave after 2 months as they were dredful and only had 3 branches at that time. Now I am with Mashreq purely because they have a branch downstairs of my office. No problems but then again my banking is pretty simple, I take my salary here and send back cash as and when I need to.

[jinkster]

If I was to rent out my property in the UK would I pay tax on the income? Would I be able to rent/keep property and become and expat in Dubai?

Sorry for all the questions, who else would I ask to find this sort of information?

Thanks

[85Carrera]

If you satisfy the requirements re time spent in the UK, etc you can get a non tax coding and will not be taxed on salary earnt here.

Income in the UK is taxable, including any rent received. However with rent you can deduct expenses including mortgage interest and you will only pay tax on any profit.

[shirt]

i'm with barclays in the UK and UAE. they are two separate entities but you can transfer money between them free of charge. barclays are as good [or bad] as any other out here. work are with CITI and my salary hits my account with no delays.

[Psychobert]

shirt]i'm with barclays in the UK and UAE. they are two separate entities but you can transfer money between them free of charge. barclays are as good [or bad said:

as any other out here. work are with CITI and my salary hits my account with no delays.

I think HSBC have the same arrangement, but have to say they could have been a lot more efficient..

Strikes me that a fair amount of patience is needed to get anything done over here..

[jinkster]

Shirt, Do you use Barclays Wealth? They seem to be more interested in the expat lifestyle.

[shirt]

i wish! i think they'd laugh me out the office. i have barclays premier but barely even qualify for their minimums

[jinkster]

Looks like its income of £24k or above, unless I am misunderstanding something.

https://applyinternational.barclays.com/applicatio...utma=1.780880137.1326569384.1326569384.1326569384.1&__utmb=1.3.10.1326569384&__utmc=1&__utmx=-&__utmz=1.1326569384.1.1.utmcsr=google%7cutmccn=(organic)%7cutmcmd=organic%7cutmctr=barclays%2520wealth%2520expat&__utmv=-&utmk=83131286&t=1326569411

[shirt]

interesting, will have to read up on that.

one thing to note, is to apply for a credit card as soon as you get your visa through. use debit cards seem to be pointless, mine doesn't always work in the uk and some companies out here [e.g. airlines, car hire] won't accept them.

[jinkster]

Thanks very much i'll keep you all posted and hopefully we could have a Piston Heads meet up!

[Psychobert]

Ok, I take back everything I said about HSBC; they really are a bunch of clueless feckwits over here.

The courier they tasked with sending my debit and credit card plus all the usual joining information didn't tell me that they had all of them and sat on them for two weeks. Then I couldn't actually get my hands on them because I didn't have ID, except when I finally managed to get hold of the debit card, I discovered someone other than me seems to have the joining pack and no one can tell me if the credit card was ever issued or not.

The branch they advised I went to this afternoon isn't there and my relationship manager is office based and won't come to meet me to sort it all out.

Anyone suggest a bank over here that aren't a bunch of utter morons?

[dxbtiger]

Agree re HSBC, I have had 'Customer Relations' on the phone 3 times in the last 2 weeks over various complaints and fk ups.

They are unable to relay the most simple information let alone carry out a simple fking task.

I would go for Lloyds if I could start again, missus works for them so I am a little biased but a lot more of their staff are both Western and literate.

[Hitch78]

We do alright by HSBC. The chap who runs our corporate account gave me his mobile number and whenever I need anything I call him and he either pops over himself or sends it over with a driver. I don't earn much though, maybe he fancies me....

Also, I always find that being the first person at Jebel Ali branch any morning gets you good service and pretty damn quick too.

[Psychobert]

On reflection, I may have just bent the naming and shaming rules here

What annoyed me quite considerably is finally giving up trying to sort stuff with my relationship manager to be advised to go to the HSBC branch in the Marina mall - except there isn't one there. Might be one close, but looked and asked around, didn't find it.. There s one over by JBR, but I just didn't have the time to get there.. Perhaps I'll try at MOE tomorrow, but really loosing patience now..

[Jules360]

Try Standard Chartered. I've been here a year and thy have yet to mess up. Net banking website very easy to use and you have the security of a well rated UK bank.

[JoeRRS]

NBD are good in Dubai for when you first get out there thats who I am with never been any problems with them for the last 4 years. I also use HSBC premier in Dubai and the UK, you can set your offshore account through Dubai as a savings account no problem you also get a relationship manager in the UK & Dubai. Enjoy Dubs